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Mark Faber: Short Tresuries, Long Hard Assets
The editor and publisher of the "Gloom, Boom, and Doom Report" says the best place for investments these days is in hard assets, but he has some suggestions for stock-market investors, too.
"You want to be in gold, silver, platinum, and also oil," Marc Faber told CNBC. "If you believe in a recovery of asset prices as a result of money printing, you should be in hard assets, particularly precious metals."
"I think the big trade in 2009 will be to go short Treasurys massively — I really mean massively — because we may not have inflation for one, two, three…
Strong Dollar Rally Causes Gold Prices to Tumble
Gold prices tumbled below $800 per ounce for the first time since late 2007 Friday, as the continuing U.S. dollar rally sparked an across-the-board retreat in commodity prices.
Gold closed Friday at $792 an ounce, a decline of $22.40, or 2.75%. Gold prices have plummeted 23% since the “yellow metal” hit an all-time record of $1,032 an ounce on St. Patrick’s Day.
“The dollar’s continuing uptrend is a key factor depressing commodities in general and triggering heavy sales in gold,†Shuji Sugata, manager at Mitsubishi Corp. Futures and Securities Ltd. in Tokyo told Reuters.
Investors who had been using precious-metals investments as a…
18Aug2008 | Money Morning | Comments Off | Continued
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